U.Today - In a stunning revelation, BlackRock (NYSE:BLK), the world's largest hedge fund, has rapidly amassed an impressive 16,361 BTC for its recently listed spot Bitcoin ETF. The iShares Bitcoin Trust (IBIT) now boasts a staggering market value of $707.43 million, making it a significant player in the digital currency arena.
Surpassing even Tesla (NASDAQ:TSLA)'s notable accumulation, BlackRock's Bitcoin holdings now rank as the third-largest among public companies, underscoring the swift success of its newly launched ETF. Notably, this remarkable achievement transpired less than a week after the historic debut of spot Bitcoin ETFs on the NASDAQ.
According to Bloomberg's senior analyst Eric Balchunas, IBIT has exhibited remarkable market activity. On Tuesday, Jan. 16, the ETF outpaced all 500 new 2023 ETFs, underlining the heightened interest and trading volume surrounding BlackRock's cryptocurrency venture.
Bad apple
COINAs Grayscale continues to manage a substantial 617,000 BTC, the fund's lingering influence may pose constraints for the cryptocurrency market. Investors, eager to exit the ETF, could intensify pressure on spot BTC sales on Coinbase, adding a layer of complexity to the evolving landscape.